, 3 tweets, 1 min read Read on Twitter
Sorry, but the starting premise — that Germany helped troubled European economies power their way out of the slump — is all wrong. Spain, Greece etc. were forced to reduce their deficits, but Germany bore *none* of the corresponding adjustment 1/ nytimes.com/2019/08/16/bus…
Here's the German current account surplus as % of GDP. Notice that it didn't shrink AT ALL after the crisis, meaning that Germany was no help to struggling economies 2/
I know that the German position is that everyone should be like them, and run big trade surpluses. Arithmetic has a well-known Keynesian bias 3/
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